NATIONAL NEWS – Trump announces tariffs up to 40% on 14 countries, market drops

President Donald Trump announced new tariffs ranging from 25% to 40% on 14 countries, including Japan, South Korea, Malaysia, South Africa, and others, citing trade imbalances and barriers to U.S. goods. While implementation for most nations was delayed to August 1, China remains excluded from the extension. 

Trump warned that tariffs could increase further if countries retaliate. The move triggered market declines, with the Dow dropping 422 points and major auto stocks falling sharply. Several affected nations expressed regret but signaled willingness to negotiate new trade deals.